Initiative being backed by £150m of government money and will cover jobs of up to 3,000 homes
Vistry has launched a joint venture with Homes England to build large-scale residential schemes across the country.
Called Hestia, the scheme is being backed by £150m of capital funding from Homes England and will focus on the acquisition and development of sites ranging from 400 to 3,000 homes.
Stephen Teagle, chief executive of partnerships and regeneration at Vistry, said: “In addition, the joint venture will seek to sell parcels of land on our larger sites to SME developers, reflecting both organisations’ commitment to supporting the wider housing sector and enabling greater market participation.”
The firm said the JV will also make sure new infrastructure is included under the initiative.
Matthew Pennycook, who was confirmed as remaining in the housing minister role yesterday despite a reshuffle, said: ”“By mobilising private capital alongside government investment, this significant new joint-venture will bring forward more high-quality, mixed-tenure developments and deliver thousands of new homes to buy and rent.”
Pat Ritchie CBE, Chair of Homes England, said: “As the government’s housing and regeneration agency, one of our key responsibilities is to unlock strategic housing sites by working with both the public and private sector to bring them forward at pace and scale, helping to meet the government’s housing targets.
“This joint venture with Vistry Group will do just that, by targeting large sites capable of delivering up to 3,000 new homes in well-designed communities, while continuing to support SME housebuilders in achieving their own growth ambitions.”
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